2026 QUESTIONS WITH ANSWERS GRADED
A+
◉ Command Economy. Answer: government determines who, how and
for whom to produce goods and services
◉ Traditional Economy. Answer: revolves around family-based goods
and service transaction, focused on tradition
◉ Mixed Economy. Answer: market economy with some government
intervention
◉ Needs. Answer: Things we must have to survive
◉ Wants. Answer: Things we desire but are not necessary for survival.
◉ Goods. Answer: a product meant for sale or consumption in a market
◉ Services. Answer: an action, rather than physical goods, are
transferred from the seller to the buyer